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Us 11, Chris Christie 7, China 6, Paul 5, America 4, Tempur-pedic 3, Sandy 3, Kevin 3, Lehrman 2, New York 2, Bny Mellon 2, United States Postal 2, Clery 2, Hp 2, Nixon 1, Adeno Kudo 1, Project Management 1, Brinkley 1, Aaron 1, Beggars Ca 1,
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  FOX Business    Cavuto    News/Business. Business news  
   and interviews; with Neil Cavuto.  

    October 29, 2013
    11:00 - 12:01am EDT  

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neil: remember all of these guys slapping each other on the back for a job well done with superstorm sandy? one year later. thousands still helpless and many clueless. and now many think we are containing the calamity that the containment might have triggered it. meet the guy who's suing the power company that that destroyed his home. and superstorm sandy rocketed the numbers of chris christie. republican senator olympia snowe says that it a reminder what all
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parties should be doing at all times. and food stamps. one in three americans are getting some kind of food assistance. and get a load of of how some states are whacking back. all of that losing its roster and that does not mean 250,000-dollar home theaters to the new rich people in china. boy, those guys learn capitalism and fat. on the show that is all about capitalism, it starts right now. ♪ ♪ neil: we are discovering how bad it is getting. anywhere from 40 to 60 million
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americans. firefighters and other engineers are literally climbing 74 floors to get inside. >> federal offices will be closed again. the nations office closed again. the winds continue to come in from south north and to north and pound the water out into the new york city area and we are seeing the storm surge levels continue to be unprecedented. neil: very few are working in lower manhattan today. 13-foot surges along the new jersey coast. along the area where people may not be returning to their homes. >> this is pacific avenue. neil: the new york stock exchange indicated tomorrow no more treating their as well. back to back and we have never seen something like this by mother nature and the better part of a century. in the year ago today.
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one of the most expensive storms to hit america ever has hit land and has hit us and we are still reverberating from it. $60 billion worth of federal aid and a little bit more than 5 billion of it has been spent. john, that is not a good batting ratios. >> when you're dealing with this amount of money, it is always be concerning and that being said, there's really no excuse for this out the door at brinkley where homeowners are looking to get money and to get help, it really wasn't designed for this kind of thing. it was for the lower income, people below the poverty line. so many homes above middle income. the federal government has been
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slow to adapt that. in the levers that are needed. neil: chris christie said john ritter was withholding these funds. and by the time they got these funds, it was like may. so the bottom line is he saying that vital times of this money. i would really put it back to the program and in the implementation of this program. >> is being expeditiously out the door. neil: getting absconded and take them, you can understand that, but with a too cautious here? >> they are too slow. whether it is the incompetence,
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this should be available for people. >> and they all go against each other or your insurance company has written us off and then after that, no one really knows those who are affected. >> there is no reason why the federal government could not have been moving on a parallel path. some say the people who were applying for grants were told that they have to apply for small business loans and it wasn't until a couple of months ago and it really doesn't make a lot of sense. neil: said some do take it away. i saw one of back slapping a year ago and commending themselves for great jobs and all of that.
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i wasn't seeing it. >> there is obviously complexity and infrastructure issues both on the ground and administratively. but i think that what this really shows is that this administration when it comes to governance, whether it's obamacare were getting the money out the door to the people for the irs scandals come and there seems to be a lack of accountability. neil: they can get the money but they can't dispense it. >> exactly. >> i was involved with working with the bush administration in the white house, the white house was on top of this issue with the agency to make sure this that this money was out the door and there was never with all the money that came to the state, we never had an issue with fraud and we got the money out the door and we had a plan in place and there was full transparency.
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and what is the plan here for the use of all this money? where homeowners, but they have infrastructure issues and all of them have to be addressed and it doesn't seem to be the same transparency after september 11, to get the public involved and invested in this process. neil: this is one of the more bizarre footnotes on this tragedy from a year ago. and that your sense hurricane sandy, many are still struggling and collectively suing, saying they didn't handle the electricity flow during the snow. so we have keith sullivan and it's been a year now. last time the last time i talked to as of now is the power company compounding the problem by keeping but not shutting off power off. is that right?
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>> yes. >> they energized the grid and for the public safety at the forefront and it would've precluded that and it never would've started. so it spread unchecked with the direction of the wind or burn down 135 homes and became the largest. >> the water had already subsided and i didn't have a
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basement. so the answer is yes, i would not have a home. it's evidence that you can see. >> to the homes that survived that, for the powerless cut completely down? >> they have 6 inches or a foot of water damage in these fires were in avoidable tragedy and nothing less. >> there was zero temp to take any measures to have a part of this. >> we had ample time to prepare.
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>> but that's not enough. >> it's not enough at all. neil: the rule of thumb that power companies have to cut off all power. >> so what is the stand now? you're the first to rate this and follow suit. >> the lawsuit is pending on the grounds that they are a government agency and its an issue that you had raised several months ago when it first surfaced. as well as putting in an answer in raising this and the
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homeowners are responsible. but this is nothing they could have done. >> we found out of the aid that was appropriated, that that was a good thing. so does seem to be amplified out there to make that okay. >> i can speak a lot of that and it has not trickled down very well for neighborhood whatsoever. there are hundreds of families are in need to this moment, elderly folks and working-class families and lower inomome famieies and it's essentially like the money h b been put in escrow. breezy point was used as a poster child for this disaster. and all these various people who did the fund-raising, as benevolent as it is, they use us as their poster child.
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so we are talking to people whose homes need to be rebuilt. not handing out some kind of money. neil: do they consider this litigation to be settled? >> no, the litigation covers a very small portion. one person according to those this week, only one person has been helped and it has been an abandoned area. >> the fact is that you are hurting. >> we are in yonkers, new york. we were able to get a rental property, but our entire lives have been turned over on our heads. >> many haven't even begun to rebuild. neil: thank you guys very much. chris christie hug it out over hurricane sandy.
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neil: i don't know who ultimately wins with these various find that they are talking about in the brokerage and bank industry. but when all is said and done, law firms are going to make out like bandits. at the very least and all is said and done. likely upwards of $100 billion. >> i'm not surprised at the amount of legal fees. but the impetus behind this is the government acting like a gaggle of pirates sticking up the banks. chase lost $4 billion, jpmorgan chase lost $4 billion of its own money with reckless and wild and crazy betting by a trader in london nicknamed the whale. it lost its own money of shareholders. would the government do? it lost a total of 5 billion.
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>> i can only get the legal bill for the negotiation of the settlements alone, 15 to 20 million. that is the nature of documents that will have to be reviewed and would have to be done by the lawyers. >> it would've been cheaper for the government to have some sort of a regulations require transparency. when they say this is america and you have a right to lose your own money. neil: not those who are burned, but lawyers. but my point is that they are the winners and that's. >> yes, you're starting to sound like barney. to you and him are correct. lawyers went and got times and in good and everyone makes money and everybody's suing everyone
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always and they all need sophisticated lawyers to sue, it seems like. they have had sophisticated lawyers because chase is being published upwards of 11 to 12 billion for something he didn't do. for an entity that it bought good countrywide and bear stearns. if you read the documents, there's language in there that says the case is not responsible for what countrywide does not have the time this was a part of a government demand payment they thought they were doing the government a favor. neil: but after that time you could argue that they knew it was coming and it is what it is. but i want to know is the lesson that we won. ironically it's jpmorgan chase it has to pay money to fannie mae, which is exempted from the financial law. so i guess the government never
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gets punched, but everyone else does. >> the government has a printing press that can extract tax dollars. >> but the government pushed the atmosphere that triggered this. >> absolutely. fannie mae and freddie mac said seles whatever we do have and we don't care what the bundled in her or good or bad. neil: so it's like at birth rate. >> absolutely. it's like acquiring countrywide and nurse turns. it can seek reimbursement from insurance corporation for some of the fine was paid into the treasury. >> that's the thing they're trying trying to iron out. any of these punishments that are a result of the property that you have talked about.
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deflate the government is saying that we still think that that should be on your back. >> for the lawyers of chase, as you and i are doing the show, we are arguing with the government's lawyers try to suggest here is how a judge and jury would rule. the government's lawyers are saying, are you kidding, a jury would give us 10 times this amount. it doesn't mean that they will have the moniker of a dozen heart is working words of the greatest knowledge will save chase most money he. neil: so the president talking to cybersecurity. there is a joke in here somewhere because the health care thing is a cybernightmare.
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neil: president obama meeting with cybersecurity experts at the white house today. but with those claiming responsibility for security accounts and hackers, of course we are willy-nilly spying on foreign leaders who we like. should the government be getting this kind of advice or any kind of advice and are we looking to correct our own problems? >> i don't want the government involved because they're going to come in and i don't want to
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hear another one-size-fits-all approach. they come in and create a list in a safer all the different vulnerabilities, here is a blanket approach and you have analyst coming out and saying that this will have our paperwork and make us have tons of bureaucracy that we have to the answer to it is not even suited for us in our country. i hate the people work in the taxpayer money being burned and i hate government coming in and telling companies how they can best do what they can for their own company. another company best. been on a protect themselves. neil: some people thought it would be a wise idea. we should've brought a couple of his kids back and fix the health care thing. >> that part is true.
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>> with twitter, it's not barack obama's fault, it's twitter salt. >> i sometimes have tweeted you. [laughter] >> saying obamacare is awesome and this and that. [laughter] >> do you think that there is a risk with all of these invasions were that we are just not on top of this? >> i agree that the obamacare website is a complete disgrace and it turns out that we can hack into the cell phone of angela merkel. [laughter] matter what our government is do that. and we have a lot the we can get there where.
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>> is a problem to your ability for a lot of things. i think it's a bad place to be to solve problems. and so how can go and address this problem. because usually when that happens. >> or he should do that. i think he should asked the ceos. what would it be this is perfectly. >> i'm basing it on history. >> and saying i don't know what will take place at this meeting but i expect that they will talk about this and chinese hacking into our companies they take our information conclude that we get
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rid of it. will. >> do you think of the allies, if a big capabilities. neil: absolutely. are you worry about what that says about our security i think it's scary to imagine that he is in the dark about a number of issues. >> is a lot of things that bush didn't know about. >> i'm not sure that makes sense that he would be unaware of that. >> he doesn't know about the irs much of that.
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>> i think he actually does know about this, but i will tell you that i think he probably can't come out and say this or that. you know, it is probably part of this. >> i don't think cell phones are hardhat. they're not hard to hack. >> i've never tried it. neil: thank you both very much. you know, a year ago and he said that chris christie helped mitt romney lucido election. i think that is a bit overstated. but he did prove that a prominent republican can build a prominent democrat and get a lot done. as critics say, not much was done. that is the template that olympia snowe wants to see more of. from both parties. she is coming up next.
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invested in the world. bny mellon.
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>> we have worked incredibly closely and i think that this is one of our best conversations on that and it has been a great working relationship. neil: chris christie got throttled by a lot of republican conservatives with the president right after hurricane sandy. but this could benefit him in the long run, especially when it comes to reelection by a big margin. former senator olympia snowe says we can reach out and get things done and that's all the better. senator, it's always good to have you. >> thank you. >> i have always thought that we have made this sort of like a
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negative. and yet it is what it is. what do you make of this? >> it is a result of the polarization that has developed in the legislative process and you have to make the system work and solve problems and that is what chris christie dead with an appropriate response to a major disaster as anyone of us way. >> so you don't think he overly cozy up to the president and that sort of thing? >> no coming have to look after his constituents and the devastation it had been imposed on his estate to a phenomenal degree. we had an ice storm and we lost power in like 80% of the state and you want your constituents
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to know that they are doing everything possible and honestly the president is crucial and central to ensuring what is necessary to respond. >> but with both sides being so polarizing, putting let the moderate right even advance a little, that chris christie might look good in a national election he could get past the republican nomination? they got that giving the government could never get nominated. do you buy that? >> hopefully that will change. >> we need people that are willing to look at the issues and examine the facts and develop solutions and work with people across the aisle. and if you don't have a vote coming up to vote with people on both sides and that is a responsibility with an elective office and i can tell you that
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in speaking to so many audiences, both in college campuses and other places, they are nursing for that type of leadership and they want practical government. it is changing our ability to solve major problems. neil: given your philosophy, because you are very independent thinking, and i would imagine you look ill upon ted cruz and others who all but force a government shutdown? >> absolutely. it was not an achievable strategy. neil: you do not buy their point that they made a statement and that that was a powerful statement, you just figure and that they are wasting their time? >> it is certainly imposing a terrible cost for economic growth and the jobs that have been lost and the loss of $24 billion and the individual
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that was for low during that period of time and it is an extreme approach to achieving justice. the only way you can achieve justices looking each other in the eye and try to figure out how you solve the problem and listen to one another work through issues. bipartisanship isn't a political theory but a political necessity and that is what it is all about. so i think to have that kind of penalty, the economic growth and job creation is lacking and we have a bad postrecession recovery we don't have the kind of job numbers we should have, and now we are set ck even further. they should've been talking about what they can do to move forward. neil: beggars can't be choosers.
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you've always been her own woman and her own person and we respect that. thank you, senator. >> thank you. neil: some states are trying to drug test people before handing him unemployment checks. a lot of people say it is mean. what do you think? we will have the next ♪ [ male announcer ] staying warmnd dry has never been our priority. our priority is, was and always will be
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don't forget, you can tweet us adeno kudo. but now we have a senator that says pushing the drug test is a good thing. we also have michelle phillips. how could this not be a good thing? >> i am all about being fiscally responsible and this is not a fiscally responsible policy. if you look at florida that implemented this, cost them only $100,000 and 2.6 people failed a drug test. but the problem is not welfare recipients being on drugs but the problem is the out of control spending and welfare. unfairly targeting poor people. neil: so they're the ones giving benefits mnemonics are the rightful people are getting a? >> tons of people receive taxpayer-funded programs. why are we just going after them and why aren't we going after the corporate welfare. beyond okay, so what about this?
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is making you look like you're going after poor people? >> absolutely not come in this is a responsible government, it's the right thing to do, we are actually implementing are working on implementing a law that says it is only suspicion based so that if a welfare case worker had suspicion that the welfare recipient is on drugs, do not case worker demands a drug test and if they test positive and they refuse to go through any type of drug treatment, they are caught off garden and cut off as a rsult. >> in arizona they have for years. it is costing taxpayers tons of money and administrative costs and litigation. i don't think that this is proper litigation. i think we need to be mre into work requirements. i think that drug testing is
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unfair. neil: but it would hurt you with a base of the republican party needs? >> absolutely not. this is the right thing to do and she supports doing some kind of work requirement, we have another bill that demands you have to do some kind of community service in order to receive your cash assistance from the government. it's only right to help those who will help themselves. >> what i want to know is when this was implemented and how it ended up costing more money for the taxpayer. the wife of a good policy. if you're a fiscal conservative you should be against this policy because you're wasting taxpayer dollars and wasting time on something that is not really a problem at all. why not focus on cutting ms. neil: one out of three people is getting some kind of food assistance, right? >> the numbers are not big when it comes to it. drug use is not just limited to people living in poverty. neil: i apologize, this is a
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great issue but we're running out of time. when we come back, 84 years ago today the markets crashed. you remember that? yeah, i don't, but it was definitely an important piece of definitely an important piece of our history. when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do.
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we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger.
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neil: the world is in crisis, losing favor the world over. louis lehrman is not buying it. it is called the lincoln douglas battle of its time and that was then and we have louis lehrman back with us now.
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gold is losing its luster because maybe inflation isn't a problem and we can all calm down. what do you say? >> i say yes, most investors, perhaps even all investors from all walks of life look at gold as if it has something to do with the old money of the classical gold standard and it should be telling the stories that are verifiable and true. but the problem is that gold is a commodity and it fluctuates according to the sentiments of people. >> you disagree with that sentiment? >> well, it is not a hot commodity in terms of prices rising and falling from $1900 to $1300. but the key thing about gold, which is important to grasp is that throughout american history gold as money and the dollar was defined as that.
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neil: we got off about gold standard. >> what i would point out is a few facts. since 1971 when richard nixon took this off as the gold standard. the dollar has become worse in the near 40 years 15 cents. neil: is that a result of u.s. moving its influence to bring to that? >> on the dollar is comfortable with gold, the federal reserve system and the president of the united states and the congress was constrained to spend only a certain amount of money and limit the budget deficit and quantitative easing was improbable if not impossible. when nixon ended convertibility to gold, give the federal reserve and the congress and the president limited credit to spend all the money that they wanted the. neil: i have heard this argument before. to decide everything that has happened since.
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but we are losing our cachet cachet in the world and am wondering if that would've happened anyway. >> no, i don't think so, it's an active policy of the president and we are off the gold standard. neil: to what happens? >> congress and the president in the federal reserve system have created enough problems so that if a state has been like that wanted to restore this, it is as good as gold. it would take a certain adaptation period. neil: so you don't think it's too late even when the chinese downgrade us and people are talking about a basket of commodities as an alternative to the dollar. is it a genie out of the bottle? >> the basket of commodities is
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infantile as a possibility and it would make things even worse. commodities in general fluctuate and every one of the commodities would be fluctuating even more than gold and other fluctuate more rapidly in shorter intervals. the reason why gold is chosen as money is that centuries in the marketplace and you might say the millennia, 2000 years produced the most stable amount of money when a currency was convertible to gold. >> as you know, i did spend some time with president reagan president reagan and he was very synthetically the idea. he had a lot of advice including those who did not think it was a good idea. this is not necessarily a keynesian socialists but the empirical evidence of history and what proved to be the most able and commercial history. >> a big crash, 1929, did that
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happen again? >> it did happen almost in 2007 and 2008. see remember the stock exchanges that were close after world war i was inaugurated in 1914. so there is no question about the ever increasing hostility that is developing between the terrorists in america and japan and china and something like that could set it off. neil: i wish we had more time, my friend. i wish you the best. >> thank you, neil. neil: when we come back, imagine bringing home no money but being worth billions. i have the answer and no, it is i have the answer and no, it is not bill at od, whatever business you're in, that's the business we're in.
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neil: not only making money but diet more but they're not making any promises. but seeing giant the valuations. end going twitter is more than deleaded billion maybe just a few us. and are we seeing and other tech bubble? >> most definitely. it is all about the froth in and the fed printing there comes a point where nobody cares about tri-city more. guy i am seeing a biotech company go for sale with the zero of sales and a market cap of 5 billion with losses of money with only 100 million of sales. >> a bubble? a bubble? that is the media. this time it is different the bubble is the us shoeshine boy and a barber by reminding we remember
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those everybody was talking about technology. neil: you could have a little bubble. >> i don't think so. just because they don't have earnings does that mean they should have a high evaluation that is the purpose of the capital market to take of breast disparity eventually everything goes back to the norm when it is said and done but i think there is more to go you can make big money but when the music dies still we the last one. ♪ neil: what is that? [laughter] what you might want to look at tomorrow. imax is selling in china. jonathan you already have one of these. >> that to produce 50,000 is a step down from the multibillion-dollar unit that i am starting. i want to get something for the upstairs. this is the future of at
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home entertainment theaters aren't going anywhere but the theater is. this is a tremendous benefit for hollywood in general. you will see more expansion of content in general. this is a plus. neil: what does this say about china? >> i don't know but i think they're making a lot of money. this is a price point i am not so sure the masses will get at. neil: but what all the movies they pirated from us. [laughter] >> intellectual property theft is a problem but china has become a more capitalistic resulted in tremendous amount of wealth but a whole movie system may seem big-ticket year but is more affordable for china than any before.
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neil: sorry for the truncated time but tomorrow our guest will be here night. >> read my lips, read my lips, no new taxes. melissa: that cost bush 41 big-time. now president obama is having a read my lips moment of his own. what is it going to cost him? this is why money matters. is >> no matter how we reform health care we will keep this promise. to the american people. if you like your doctor, you will be able to keep your doctor, period. [applause] if you like your health care plan, you will be able to keep your health care